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  "documentTitle": "iRobot Corp (IRBT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2014-05-20 00:00:00",
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  "notes": "The slide uses a red flag icon to emphasize the warning sign of compensation disconnect.",
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      "text": "We calculate that 35-50% of Adjusted Operating Income (EBIT) has gone to IRBT’s executive management in the past two years, whereas it was only 15% in 2011. We view this as a warning sign of executive compensation becoming disconnected from operating performance.",
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      "text": "Total Executive Comp (% of Adj EBIT): 52%",
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      "text": "Source: IRBT proxy and financial statments. 1) Includes base salary, cash incentive bonus, stock/option expense and perks",
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      "text": "Milk the Cow: Executive Compensation Spiraling Out of Control",
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